Speech Live Coverage: Fed’s Jerome Powell testimony before the Senate Banking Committee

Fed’s Chairman Jerome Powell will testify before the Senate Banking Committee today at 15:00GMT. Expectations around today’s testimony are not high, as market participants are anticipating a tone in line with Tuesday’s Humphrey-Hawkins version.

It is worth recalling that Jerome Powell stressed the economic outlook remains ‘strong’ and that further rate hikes will be gradual. Immediate reactions to the testimony saw US-10 year yields climbing to the boundaries of 2.93% - just to ease afterwards – and a sustained rally in the US Dollar Index to fresh 6-week peaks near 90.85/90.

About Jerome Powell

Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018.